Intrinsic value of Public Storage - PSA

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$228.37

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$228.37

 
Intrinsic value

$26.09

 
Up/down potential

-89%

 
Rating

str. sell

 
Value-price divergence* premium content

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Our model is not good at valuating stocks of financial companies, such as PSA.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PSA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 39.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  7.51
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  2,561
  2,738
  2,921
  3,112
  3,311
  3,518
  3,733
  3,958
  4,192
  4,435
  4,690
  4,955
  5,233
  5,522
  5,825
  6,142
  6,473
  6,819
  7,182
  7,562
  7,959
  8,375
  8,812
  9,269
  9,748
  10,250
  10,776
  11,328
  11,907
  12,515
  13,151
Variable operating expenses, $m
 
  549
  585
  622
  660
  701
  742
  786
  831
  879
  928
  962
  1,016
  1,072
  1,131
  1,193
  1,257
  1,324
  1,395
  1,468
  1,545
  1,626
  1,711
  1,800
  1,893
  1,990
  2,092
  2,200
  2,312
  2,430
  2,554
Fixed operating expenses, $m
 
  705
  723
  741
  759
  778
  798
  818
  838
  859
  881
  903
  925
  948
  972
  996
  1,021
  1,047
  1,073
  1,100
  1,127
  1,156
  1,184
  1,214
  1,244
  1,276
  1,307
  1,340
  1,374
  1,408
  1,443
Total operating expenses, $m
  1,186
  1,254
  1,308
  1,363
  1,419
  1,479
  1,540
  1,604
  1,669
  1,738
  1,809
  1,865
  1,941
  2,020
  2,103
  2,189
  2,278
  2,371
  2,468
  2,568
  2,672
  2,782
  2,895
  3,014
  3,137
  3,266
  3,399
  3,540
  3,686
  3,838
  3,997
Operating income, $m
  1,375
  1,483
  1,614
  1,750
  1,891
  2,039
  2,193
  2,354
  2,522
  2,698
  2,881
  3,091
  3,291
  3,502
  3,722
  3,953
  4,195
  4,448
  4,714
  4,994
  5,286
  5,594
  5,916
  6,255
  6,611
  6,984
  7,377
  7,789
  8,222
  8,677
  9,155
EBITDA, $m
  1,808
  1,954
  2,114
  2,282
  2,456
  2,638
  2,828
  3,026
  3,233
  3,448
  3,674
  3,910
  4,157
  4,415
  4,685
  4,968
  5,265
  5,576
  5,902
  6,244
  6,602
  6,978
  7,373
  7,787
  8,222
  8,679
  9,158
  9,662
  10,191
  10,746
  11,329
Interest expense (income), $m
  0
  14
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  37
  40
  43
  46
  49
  52
  55
  59
  63
  67
  71
  75
  79
  84
  89
  94
  100
  105
  111
Earnings before tax, $m
  1,460
  1,470
  1,598
  1,733
  1,872
  2,018
  2,170
  2,329
  2,495
  2,668
  2,849
  3,056
  3,254
  3,462
  3,679
  3,907
  4,146
  4,396
  4,659
  4,935
  5,224
  5,527
  5,846
  6,180
  6,531
  6,900
  7,287
  7,694
  8,122
  8,571
  9,043
Tax expense, $m
  0
  397
  432
  468
  506
  545
  586
  629
  674
  720
  769
  825
  879
  935
  993
  1,055
  1,119
  1,187
  1,258
  1,332
  1,410
  1,492
  1,578
  1,669
  1,763
  1,863
  1,968
  2,078
  2,193
  2,314
  2,442
Net income, $m
  1,454
  1,073
  1,167
  1,265
  1,367
  1,473
  1,584
  1,700
  1,821
  1,948
  2,080
  2,231
  2,376
  2,527
  2,686
  2,852
  3,027
  3,209
  3,401
  3,602
  3,813
  4,035
  4,267
  4,511
  4,768
  5,037
  5,320
  5,617
  5,929
  6,257
  6,602

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,130
  10,653
  11,367
  12,111
  12,884
  13,689
  14,527
  15,400
  16,310
  17,259
  18,249
  19,282
  20,361
  21,488
  22,666
  23,898
  25,187
  26,535
  27,946
  29,423
  30,969
  32,589
  34,286
  36,065
  37,929
  39,883
  41,931
  44,079
  46,332
  48,695
  51,173
Adjusted assets (=assets-cash), $m
  9,946
  10,653
  11,367
  12,111
  12,884
  13,689
  14,527
  15,400
  16,310
  17,259
  18,249
  19,282
  20,361
  21,488
  22,666
  23,898
  25,187
  26,535
  27,946
  29,423
  30,969
  32,589
  34,286
  36,065
  37,929
  39,883
  41,931
  44,079
  46,332
  48,695
  51,173
Revenue / Adjusted assets
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
  0.257
Average production assets, $m
  8,553
  9,144
  9,758
  10,396
  11,059
  11,750
  12,469
  13,219
  14,000
  14,814
  15,664
  16,551
  17,477
  18,445
  19,456
  20,514
  21,620
  22,777
  23,988
  25,256
  26,583
  27,974
  29,431
  30,957
  32,557
  34,235
  35,993
  37,837
  39,770
  41,798
  43,926
Working capital, $m
  0
  -197
  -210
  -224
  -238
  -253
  -269
  -285
  -302
  -319
  -338
  -357
  -377
  -398
  -419
  -442
  -466
  -491
  -517
  -544
  -573
  -603
  -634
  -667
  -702
  -738
  -776
  -816
  -857
  -901
  -947
Total debt, $m
  391
  440
  491
  545
  601
  659
  719
  782
  847
  916
  987
  1,061
  1,139
  1,220
  1,305
  1,394
  1,486
  1,583
  1,685
  1,791
  1,903
  2,019
  2,142
  2,270
  2,404
  2,545
  2,692
  2,847
  3,009
  3,179
  3,357
Total liabilities, $m
  718
  767
  818
  872
  928
  986
  1,046
  1,109
  1,174
  1,243
  1,314
  1,388
  1,466
  1,547
  1,632
  1,721
  1,813
  1,910
  2,012
  2,118
  2,230
  2,346
  2,469
  2,597
  2,731
  2,872
  3,019
  3,174
  3,336
  3,506
  3,684
Total equity, $m
  9,412
  9,886
  10,549
  11,239
  11,956
  12,703
  13,481
  14,291
  15,135
  16,016
  16,935
  17,894
  18,895
  19,941
  21,034
  22,178
  23,373
  24,624
  25,933
  27,304
  28,739
  30,243
  31,818
  33,468
  35,198
  37,011
  38,912
  40,906
  42,996
  45,189
  47,488
Total liabilities and equity, $m
  10,130
  10,653
  11,367
  12,111
  12,884
  13,689
  14,527
  15,400
  16,309
  17,259
  18,249
  19,282
  20,361
  21,488
  22,666
  23,899
  25,186
  26,534
  27,945
  29,422
  30,969
  32,589
  34,287
  36,065
  37,929
  39,883
  41,931
  44,080
  46,332
  48,695
  51,172
Debt-to-equity ratio
  0.042
  0.040
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.060
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
  0.070
Adjusted equity ratio
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928
  0.928

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,454
  1,073
  1,167
  1,265
  1,367
  1,473
  1,584
  1,700
  1,821
  1,948
  2,080
  2,231
  2,376
  2,527
  2,686
  2,852
  3,027
  3,209
  3,401
  3,602
  3,813
  4,035
  4,267
  4,511
  4,768
  5,037
  5,320
  5,617
  5,929
  6,257
  6,602
Depreciation, amort., depletion, $m
  433
  470
  501
  532
  565
  599
  635
  672
  711
  751
  793
  819
  865
  913
  963
  1,016
  1,070
  1,128
  1,188
  1,250
  1,316
  1,385
  1,457
  1,533
  1,612
  1,695
  1,782
  1,873
  1,969
  2,069
  2,175
Funds from operations, $m
  2,029
  1,543
  1,667
  1,797
  1,932
  2,072
  2,219
  2,372
  2,532
  2,698
  2,873
  3,050
  3,241
  3,440
  3,649
  3,868
  4,097
  4,337
  4,589
  4,852
  5,129
  5,420
  5,724
  6,044
  6,380
  6,732
  7,102
  7,490
  7,898
  8,326
  8,776
Change in working capital, $m
  84
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
Cash from operations, $m
  1,945
  1,733
  1,681
  1,811
  1,946
  2,087
  2,234
  2,388
  2,548
  2,716
  2,891
  3,069
  3,261
  3,461
  3,671
  3,891
  4,121
  4,362
  4,615
  4,880
  5,158
  5,450
  5,756
  6,077
  6,414
  6,768
  7,140
  7,530
  7,940
  8,370
  8,822
Maintenance CAPEX, $m
  0
  -423
  -453
  -483
  -515
  -547
  -582
  -617
  -654
  -693
  -733
  -775
  -819
  -865
  -913
  -963
  -1,016
  -1,070
  -1,128
  -1,188
  -1,250
  -1,316
  -1,385
  -1,457
  -1,533
  -1,612
  -1,695
  -1,782
  -1,873
  -1,969
  -2,069
New CAPEX, $m
  -768
  -591
  -614
  -638
  -664
  -691
  -719
  -749
  -781
  -815
  -850
  -887
  -926
  -968
  -1,011
  -1,057
  -1,106
  -1,157
  -1,211
  -1,268
  -1,328
  -1,391
  -1,457
  -1,527
  -1,600
  -1,677
  -1,758
  -1,844
  -1,934
  -2,028
  -2,127
Cash from investing activities, $m
  -717
  -1,014
  -1,067
  -1,121
  -1,179
  -1,238
  -1,301
  -1,366
  -1,435
  -1,508
  -1,583
  -1,662
  -1,745
  -1,833
  -1,924
  -2,020
  -2,122
  -2,227
  -2,339
  -2,456
  -2,578
  -2,707
  -2,842
  -2,984
  -3,133
  -3,289
  -3,453
  -3,626
  -3,807
  -3,997
  -4,196
Free cash flow, $m
  1,228
  718
  614
  690
  768
  849
  933
  1,021
  1,113
  1,208
  1,308
  1,407
  1,515
  1,628
  1,746
  1,870
  1,999
  2,135
  2,276
  2,424
  2,580
  2,743
  2,914
  3,093
  3,281
  3,479
  3,686
  3,904
  4,133
  4,373
  4,626
Issuance/(repayment) of debt, $m
  77
  49
  51
  54
  56
  58
  60
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  147
  155
  162
  170
  178
Issuance/(repurchase) of shares, $m
  299
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  357
  49
  51
  54
  56
  58
  60
  63
  66
  68
  71
  74
  78
  81
  85
  89
  93
  97
  102
  106
  111
  117
  122
  128
  134
  141
  147
  155
  162
  170
  178
Total cash flow (excl. dividends), $m
  1,585
  767
  666
  743
  823
  907
  994
  1,084
  1,179
  1,277
  1,379
  1,481
  1,593
  1,709
  1,831
  1,959
  2,092
  2,232
  2,378
  2,531
  2,691
  2,860
  3,036
  3,221
  3,416
  3,620
  3,834
  4,059
  4,295
  4,543
  4,804
Retained Cash Flow (-), $m
  -241
  -658
  -663
  -690
  -718
  -747
  -778
  -810
  -844
  -881
  -919
  -959
  -1,001
  -1,046
  -1,093
  -1,143
  -1,196
  -1,251
  -1,309
  -1,371
  -1,435
  -1,503
  -1,575
  -1,650
  -1,730
  -1,813
  -1,901
  -1,993
  -2,090
  -2,193
  -2,300
Prev. year cash balance distribution, $m
 
  184
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  294
  3
  53
  106
  160
  216
  274
  334
  396
  460
  522
  592
  663
  738
  816
  896
  981
  1,068
  1,160
  1,256
  1,356
  1,461
  1,571
  1,686
  1,806
  1,933
  2,065
  2,205
  2,351
  2,504
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  282
  2
  46
  87
  124
  157
  185
  209
  228
  241
  248
  252
  252
  248
  239
  228
  213
  197
  179
  160
  140
  121
  103
  86
  70
  56
  44
  34
  26
  19
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Public Storage is an equity real estate investment trust. It invests in real estate markets of United States and Europe. The firm acquires, develops, owns, and operates self-storage facilities which offer storage spaces for lease on a month-to-month basis, for personal and business use. It also reinsures policies against losses to goods stored by customers in self-storage facilities, and sell merchandise, primarily locks and cardboard boxes. The firm was formerly known as Public Storage Inc. Public Storage was founded in 1971 and is based in Glendale, California.

FINANCIAL RATIOS  of  Public Storage (PSA)

Valuation Ratios
P/E Ratio 27.2
Price to Sales 15.5
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow 33.6
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 63.1%
Cap. Spend. - 3 Yr. Gr. Rate -10.3%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.2%
Total Debt to Equity 4.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.6%
Ret/ On Assets - 3 Yr. Avg. 13.2%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 13.6%
Return On Equity 15.6%
Return On Equity - 3 Yr. Avg. 14.1%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 73.8%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin 73.9%
EBITDA Margin - 3 Yr. Avg. 73.3%
Operating Margin 53.7%
Oper. Margin - 3 Yr. Avg. 51.3%
Pre-Tax Margin 57%
Pre-Tax Margin - 3 Yr. Avg. 55.1%
Net Profit Margin 56.8%
Net Profit Margin - 3 Yr. Avg. 54.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 103.6%

PSA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSA stock intrinsic value calculation we used $2561 million for the last fiscal year's total revenue generated by Public Storage. The default revenue input number comes from 2016 income statement of Public Storage. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSA stock valuation model: a) initial revenue growth rate of 6.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PSA is calculated based on our internal credit rating of Public Storage, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Public Storage.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSA stock the variable cost ratio is equal to 20.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $688 million in the base year in the intrinsic value calculation for PSA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Public Storage.

Corporate tax rate of 27% is the nominal tax rate for Public Storage. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSA are equal to 334%.

Life of production assets of 20.2 years is the average useful life of capital assets used in Public Storage operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSA is equal to -7.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9412 million for Public Storage - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 173.131 million for Public Storage is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Public Storage at the current share price and the inputted number of shares is $39.5 billion.


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Stock chart of PSA Financial statements of PSA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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